# ASC 805-60-45: Business Combinations — Joint Venture Formations — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

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## ASC 805-60-45: 45 Other Presentation Matters

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#### Disclosure of Formation Date Balance Sheet

##### [805-60-45-1](https://asc.understandingaccounting.org/asc/805/60/#805-60-45-1)

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To satisfy the requirements in paragraph [805-60-50-2(e)](https://asc.understandingaccounting.org/asc/805/60/#805-60-50-2), a [joint venture](https://asc.understandingaccounting.org/glossary/j/#joint-venture "An entity owned and operated by a small group of businesses (the joint venturers) as a separate and specific business or project for the mutual benefit of the members of the group. A government may also be a member of the group. The purpose of a joint venture frequently is to share risks and rewards in developing a new market, product, or technology; to combine complementary technological knowledge; or to pool resources in developing production or other facilities. A joint venture also usually provides an arrangement under which each joint venturer may participate, directly or indirectly, in the overall management of the joint venture. Joint venturers thus have an interest or relationship other than as passive investors. An entity that is a subsidiary of one of the joint venturers is not a joint venture. The ownership of a joint venture seldom changes, and its equity interests usually are not traded publicly. A minority public ownership, however, does not preclude an entity from being a joint venture. As distinguished from a corporate joint venture, a joint venture is not limited to corporate entities.") may, in lieu of disclosure in the notes to financial statements, present a statement of financial position as of the [formation date](https://asc.understandingaccounting.org/glossary/f/#formation-date "The formation date of a joint venture is the date on which an entity initially meets the definition of a joint venture, which is not necessarily the legal entity formation date. The formation date is the measurement date for the formation transaction. If multiple arrangements are accounted for as a single transaction that establishes the formation of a joint venture, the formation date is the measurement date for all arrangements that form part of the single formation transaction.") that reflects the amounts recognized by the joint venture for each major class of assets and liabilities as a result of its formation.